Your sales cycle is the journey you escort a customer through as move from being a lead to a closed won opportunity. While a sales cycle may be measured in terms of hours, days, weeks or months, evaluating the milestones of your cycle is important. In fact, you want to go beyond conversion rates and question how you manage your business. There are many things which can help optimize your sales cycle, including:
- Engaging with early leads – are you being personable, breaking the ice and building a relationship?
- Product messaging – are you speaking to the value proposition of each customer?
- Clear next steps – are you communicating clear next steps on how to close the deal?
- Leverage resources – closing is not a solo act, are you using sales resources effectively, sales engineers, leadership, and marketing?
- Keep the relationship alive – once you close the deal, send a thank you and keep in touch. Are you keeping in touch?
Optimizing your sales cycle takes a little time, but pays off dramatically in the long run. Performing this exercise makes you take a step back and determine how well you are selling, whether you are using the right resources, and keeping the relationship alive. Only you can determine exactly where you might need improvement, but being aware is an important first step.
Tracking Sales Cycle Optimization
In the analytical world, there are a number of ways you can use to track your selling efficiency. The easiest is to determine your lead/contact conversion rate. How many leads do you have vs leads you have engaged with versus how many turn into opportunities. Tracking your conversion rate over time is key understanding where you are in relation to your peers and your company’s target conversion rate. Have your conversion rate at the top of your mind during every sales review.
For more sales insights and optimization techniques, consider a Saalun Membership.